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The fund, Morgan Stanley Private Equity Asia III L.P., will invest in business across the region and has already started to review investment opportunities.

Chin Chou, chief executive of Morgan Stanley Private Equity Asia, said the fund will invest in China, South Korea, Singapore and Taiwan as well as Japan, India and Australia.

"We are very pleased with the positive reception to our third and largest fund directed at Asia and believe that market conditions present advantages as the Asia Fund begins to invest capital," Scott Hahn, chief investment officer of Morgan Stanley Private Equity Asia, said in a prepared statement.

The fund will be run by the firm's private-equity business, which is within Morgan Stanley's merchant banking group. The group has made investments in Belle International Holdings Ltd. and Dongxiang Sports in China, CTCI Corp. in Taiwan and Asia Capital Reinsurance in Singapore.

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